New Year, New Real Estate Outlook
If 2021 was a crazy year, 2022 was downright schizophrenic. We started the year at an unprecedented rate – each well-priced and properly-positioned property garnered market interest and enthusiasm and contracts were signed as quickly as they could be written. Third quarter brought the juxtaposition of real estate headlines warning of instability, a looming recession and increasing interest rates. Through it all, demand met limited supply, albeit at a slowing pace.
Buyers are adjusting to the new norm of interest rates by seeking creative financing options and value in their purchases. Sellers are beginning to adjust as well with pricing that is more in-line with buyer expectations.
Looking ahead to 2023, I anticipate continued stabilization to emerge from this transitional time. I offer the following tips for buyers and sellers.
Buyers
Get excited! Nearly every listing still on the market is owned by a real seller; there are great deals to be had.
Start now and see properties and even make offers. There is far less competition and many buyers still waiting on the sideline.
Sellers
Price your property to the market, and you'll get interest and offers. There is less uncertainty than there was a few months ago.
Buyers' excitement is directly correlated to their comfort with mortgage rates. With a rate environment that appears to be softening right now -- and low levels of inventory -- buyers seems to be adjusting. Therefore, there's no point in waiting for housing prices to recover to 2021 pricing. Take advantage of buyer interest now.
Pay close attention to rate drops -- and stock market upward moves -- as a cue to "catch the wave" of buyers. Go to market on the heels of one, or both, and you'll see more buyer interest.
Scott Harris
Scott Harris is a top-producing residential real estate agent with Brown Harris Stevens who can claim transactions totaling more than $1 billion to his credit.
Have a listing you think should be featured contact us or submit here to tell us more! Follow Off The MRKT on Twitter and Instagram, and like us on Facebook.
Greenwich’s only new luxury condo development has renderings out and sales underway, with a design team pairing RAMSA architecture and Bryan O’Sullivan interiors.
A Riverdale mansion built on the site of JFK’s childhood home is back on the market with a price cut, and it comes with more presidential history than square footage alone can explain.
SERHANT. New Development has launched sales at Sorin, a 40-unit Hudson Yards condo built to Passive House standards with prices starting at $1.45 million.
Frank Sinatra bought this Hoboken brownstone for his parents in the 1940s, and now the gut-renovated duplex is asking $3.95 million.
Ramona Singer and Candace Bushnell turned up at RAND Luxury’s Hamptons Concours d’Elegance, where Mast Capital, Cipriani Residences Miami and The Perigon hosted a VIP lounge to remember.
Dragon Fest’s team is throwing a free, one-day-only festival devoted entirely to eggs, complete with a 15-foot inflatable mascot and 50-plus dishes.
Bal Harbour’s final penthouse pairs oceanfront views with an in-home longevity clinic, and it says a lot about where ultra-luxury real estate is headed next.
Greenwich’s only new luxury condo development has renderings out and sales underway, with a design team pairing RAMSA architecture and Bryan O’Sullivan interiors.
A Riverdale mansion built on the site of JFK’s childhood home is back on the market with a price cut, and it comes with more presidential history than square footage alone can explain.
SERHANT. New Development has launched sales at Sorin, a 40-unit Hudson Yards condo built to Passive House standards with prices starting at $1.45 million.
Bal Harbour’s final penthouse pairs oceanfront views with an in-home longevity clinic, and it says a lot about where ultra-luxury real estate is headed next.